The European Central Bank has announced that during the second half of 2016, 353.000 counterfeit euro banknotes of various denominations were withdrawn from circulation. During the corresponding period of 2015, 445.000 counterfeit banknotes were withdrawn from circulation. The €50 and €20 denominations exhibited the highest rates of counterfeiting, accounting for 42,5% and 37,8% of the total, respectively.
In Cyprus, during the second half of 2016, 284 pieces of counterfeit euro banknotes of various denominations were identified and removed from circulation. This figure is lower than that of the second half of 2015. The €50 banknote had the highest rate of counterfeiting in Cyprus, accounting for 52,1% of the total.
In comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains low.
Notwithstanding the very small number of counterfeits, the Central Bank of Cyprus advises the public to scrutinise banknotes when transacting in cash. The Central Bank of Cyprus and the European Central Bank websites provide information on simple ways to check the genuineness of banknotes.